Library / Page 1 of 35 MIDSTREAM PETROLEUM HOST COMMUNITIES DEVELOPMENT TRUST REGULATIONS, 2024
Page 1 of 35 MIDSTREAM PETROLEUM HOST COMMUNITIES DEVELOPMENT TRUST REGULATIONS, 2024
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Page 12 of 35 (b) is of unsound mind, having been found by a court as such; (c) is an undischarged bankrupt; and (d) has been convicted of an offence involving fraud or dishonesty within ten years of the proposed appointment; and (e) does not meet any other criteria as the Authority may by notice or guideline prescribe. 15.The Board of Trustees shall administer the trust and perform the duties provided under section 243 of the Act. Duties of the Board of Trustees 16. (1) A licensee may remove a trustee from office provided that such removal shall be in accordance with these Regulations and the constitution of the trust. (2) A trustee shall be removed from office where at any time during the trustee’s tenure, the trustee becomes disqualified as a trustee in accordance with these Regulations and the constitution of the trust. (3) A licensee shall remove a trustee within 45 days of becoming aware that the trustee has become disqualified in accordance with these Regulations and the constitution of the trust. (4) Where a licensee fails to remove a trustee as specified by these Regulations or any applicable law, the licensee shall be liable to pay an administrative penalty of NGN100,000 for every day the disqualified trustee continues to hold office. (5) A licensee shall be deemed to have notice of any matter which disqualifies a trustee under these Regulations where such matters are publicly known or reasonably ought to have been known by the trustees or the licensee. (6) i. A licensee shall within 14 days of removal of a trustee on grounds of disqualification, notify the Authority of such removal and provide the Authority with supporting documents evidencing the grounds for such disqualification and removal. Removal of a Trustee by a licensee
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